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Japan-based cryptocurrency exchange Mt. Gox, which filed for bankruptcy in 2014, has extended the deadline for repayments to creditors by one year. The company announced that the payment deadline has been postponed from October 31, 2024, to October 31, 2025, due to various issues encountered during the process. This change was made with court approval, as many creditors have yet to receive their payments.
Reasons for Delays in Repayments
In a statement from the exchange, rehabilitation trustee Nobuaki Kobayashi indicated that while a significant portion of the repayments has been completed, some creditors have not finalized the necessary procedures or have encountered issues during the payment process. Consequently, the extension was necessary to allow the cryptocurrency exchange to fulfill its obligations to creditors.
This extension, authorized by the court, aims to ensure that repayments are made to as many creditors as possible.
Creditors Will Have One More Year to Wait
According to Mt. Gox’s announcement, creditors must complete their payment request procedures by the new deadline of October 31, 2025. Those wishing to receive payments are advised to log into Mt. Gox’s online claim system to follow the necessary steps and obtain information about possible issues.
Creditors are encouraged to log into the system to ask questions and complete the identity verification process. The company also noted that delays in response time may occur due to high demand.
As the repayment process, initiated after a long wait following Mt. Gox’s bankruptcy, is being closely monitored in the cryptocurrency world, the timeline and manner in which creditors will ultimately receive their repayments remain uncertain. This new extension prolongs the wait for creditors by another year.
